Canterbury Resources (ASX:CBY) Reports Encouraging Drilling Progress at John Hill Copper-Molybdenum Deposit

Sonal Goyal

12 November 2026 06:09 PM AEDT

Canterbury Resources (ASX:CBY) Reports Encouraging Drilling Progress at John Hill Copper-Molybdenum Deposit

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Highlights

Canterbury Resources (ASX:CBY) has reported encouraging progress from an ongoing diamond drilling program at the John Hill copper-molybdenum-silver deposit in Queensland's Monto Project.
Initial assay results from the first completed hole, 26JHD001, confirmed broad mineralisation within the interval tested, consistent with the porphyry-style copper-molybdenum system.
Two further holes are in progress: 26JHD002, paused in a zone of strengthening mineralisation at depth, and 26JHD03, which has been extended due to encouraging geological observations in the northeast drill target area.
An interim mineral resource estimate update is planned for early 2027, with drilling continuing for the remainder of 2026 and throughout much of 2027.

Canterbury Resources Limited (ASX:CBY) has provided a progress update on its diamond core drilling program at the John Hill copper-molybdenum-silver deposit, located within the company's 100%-owned Monto Project in central Queensland. The program commenced on 1 September 2026 and has completed approximately 957.5 metres of drilling across three holes, with one hole completed and two in progress.

Latest Development

The first completed hole, 26JHD001, was drilled as a 100-metre step-out to the north of historical drilling and was terminated in mineralisation at 275.5 metres due to drilling difficulties. Assay results have been received for the upper 126 metres of the hole, confirming broad copper-molybdenum-silver mineralisation within the altered granodiorite host beneath a thick laterite horizon. Assay results for the remaining portion of the hole are expected in late November 2026. The company noted that step-out drilling is proposed to test for further extensions of the system toward the large-scale Kiwi Carpet porphyry copper-molybdenum prospect, located approximately 1km to the north.

Active Holes

Hole 26JHD002 is testing the continuity of mineralisation identified in historical hole 12KC058, which had intersected a broad interval of copper-molybdenum-silver mineralisation within the northern portion of the deposit. The hole has been paused at 407 metres in a zone of strengthening mineralisation, pending the delivery of additional drill rods, at which point it will be extended to approximately 600 metres.

Hole 26JHD003 is being drilled into the northeast drill target area, which lies outside the current mineral resource limits. The hole has encountered a broad zone of fracture-controlled pyrite-chalcopyrite mineralisation from 160 metres to its current depth of 251.5 metres. Due to the encouraging observations, the planned hole depth has been extended from approximately 300 metres to approximately 600 metres.

John Hill Deposit Overview

The John Hill copper-molybdenum-silver deposit is a porphyry-style mineralisation system associated with intermediate composition porphyritic intrusions in the Monto Project area. The deposit currently hosts an Inferred Mineral Resource of 254 million tonnes at 0.21% copper, 100ppm molybdenum, and 1.1 grams per tonne silver. The deposit remains open in multiple directions laterally and at depth, providing a substantial exploration opportunity. The current drilling program is the first meaningful field work since 2013.

Monto Project Location

The Monto Project is located 100km southwest of Gladstone in central Queensland and 80km south of Canterbury's Briggs Joint Venture Project. The area benefits from proximity to significant infrastructure including road, rail, the deep-water port and industrial hub of Gladstone, high-voltage power, and multiple gas pipelines. This infrastructure positioning is considered advantageous for any future development scenario.

Sector Context

Copper is considered a critical metal for the global energy transition, with Demand projections reflecting expected growth in electric vehicles, renewable energy infrastructure, and power grid investment. Molybdenum is used as an alloying agent in steel and has applications in energy infrastructure. Porphyry copper-molybdenum deposits are among the world's most economically important copper deposit types, and significant new discoveries of this style continue to attract exploration Investment globally.

Growth Drivers

For Canterbury Resources, the John Hill drilling program is pursuing a potential scale expansion of an already-substantial resource that has seen limited modern exploration. Each additional metre of drilling that confirms open mineralisation increases the case for a resource update that could materially expand the deposit's footprint. An interim MRE update is planned for early 2027.

Risks and Challenges

Porphyry deposits require significant drilling density for resource definition, and the program is in its early stages with many holes yet to be assayed. The first hole was terminated prematurely due to drilling difficulties, and the remaining holes are still in progress. Early assay results, while encouraging, do not constitute a resource or reserve.

Investor Considerations

The Canterbury Resources John Hill drilling update highlights a system that continues to respond to exploration with broad mineralisation, including in areas north of historical drilling and in a previously untested northeast target. For investors in porphyry copper-molybdenum projects, the scale of John Hill — 254 million tonnes of Inferred Resource, with the deposit remaining open in multiple directions — represents a potentially significant exploration opportunity if the ongoing drilling confirms continuity and grade at depth. The proximity to Gladstone and regional infrastructure gives John Hill a geographic advantage relative to some isolated copper development projects. However, the deposit is entirely Inferred, the first hole was prematurely terminated, and the second and third holes are still in progress. An interim MRE update in early 2027 will be the first formal reassessment of the resource and may either expand or reshape the existing estimate based on the new drill data.

Key Insights

Canterbury Resources' drilling update from John Hill highlights a system that continues to demonstrate broad mineralisation at depth and in step-out locations beyond historical drilling. With two holes in progress and an intent to continue drilling through 2027, the company is building toward an interim MRE update in early 2027 that may expand the existing 254-million-tonne Inferred Resource. The northeast drill target, now being tested by 26JHD003 with an extended hole depth, adds an additional element of potential upside to the program.

FAQs

Q: What type of deposit is John Hill?

A: John Hill is a porphyry-style copper-molybdenum-silver deposit in central Queensland, associated with granodiorite and diorite intrusive rocks.

Q: What is the current mineral resource at John Hill?

A: The deposit currently has an Inferred Mineral Resource of 254 million tonnes at 0.21% copper, 100ppm molybdenum, and 1.1 grams per tonne silver.

Q: What is the Kiwi Carpet porphyry prospect?

A: Kiwi Carpet is a large-scale copper-molybdenum porphyry prospect located approximately 1km north of the John Hill deposit, within the same Monto Project tenement package. Step-out drilling is planned to test for extensions of the John Hill mineralisation toward this prospect.

Q: When is an updated resource estimate planned?

A: Canterbury Resources plans to undertake an interim mineral resource estimate update in early 2027, based on results from the ongoing drilling program.

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